Hornet’s software is designed to make sense of the often opaque world of cryptocurrency transactions. By leveraging proprietary algorithms, the startup helps trace the flow of digital assets across wallets and exchanges. This has already led to breakthroughs in criminal probes.
“Today’s arrest demonstrates our commitment to holding bad actors accountable for undermining the integrity of the financial markets,” said SEC Inspector General Jeffrey.
In court filings dated October 16, Singh’s legal team emphasized that he only became aware of the conspiracy to misuse customer funds two months before the crypto exchange’s collapse.
After a period of focusing on DeFi protocols, crypto criminals are targeting centralized exchanges. These exchanges, which handle significant Bitcoin transactions, are proving to be attractive targets.
